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Thursday, February 25, 2016

[EOD] Stocks-
SPX closed above MA50 and overhead resistance, which is bullish (Chart 1). Interesting near term wave structures are present (Chart 2).
A bullish expanding triangle (Chart 2-red) or an initial reversal on a breakout failure (Chart 2 blue [i]) target around 1880 (potentially filling the gap below), where as a continued wave C-blue or a wave 3-green has meaningful upside potential, 1970 area for the former and the gap around 2040 for the latter.

[EOD] Stocks-
SPX closed above MA50 and overhead resistance, which is bullish (Chart 1). Interesting near term wave structures are present (Chart 2).
A bullish expanding triangle (Chart 2-red) or an initial reversal on a breakout failure (Chart 2 blue [i]) target around 1880 (potentially filling the gap below), where as a continued wave C-blue or a wave 3-green has meaningful upside potential, 1970 area for the former and the gap around 2040 for the latter.